REG - Liontrust Asset Mgmt - Update on Proposed Acquisition of GAM Holding AG

Liontrust Asset ManagementAnnouncement

04/08/2023 07:00

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RNS Number : 2959I  Liontrust Asset Management PLC  04 August 2023

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LEI: 549300XVXU6S7PLCL855

For immediate release

4 August 2023

Stock Exchange Announcement

LIONTRUST ASSET MANAGEMENT PLC

Update on Proposed Acquisition of GAM Holding AG

 

Liontrust Asset Management Plc ("Liontrust"), the specialist independent fund
management group, today issues an update in relation to its recommended public
exchange offer for all publicly held registered shares of GAM Holding AG
("GAM") which was announced on 4 May 2023 (the "Proposed Acquisition").

 

Liontrust announces an extension to the Main Offer Period(1) for GAM
shareholders to tender their shares to the maximum time allowed(2,3). The Main
Offer Period(1) will now close on 23 August 2023 at 16:00 CEST.

 

The Main Offer Period is being extended so that shareholders can make an
objective assessment of both Liontrust's Proposed Acquisition and NewGAMe's
proposition which includes the replacement of the current board of directors
of GAM with NewGAMe appointees, changes to the capital structure of GAM and
the conditional partial tender offer by NewGAMe for 17.5% of the issued share
capital of GAM (the "NewGAMe Proposals").

 

In effect, GAM shareholders are being presented at the 18 August 2023
extraordinary general meeting ("EGM") with two, very different, options for
the future of GAM. Liontrust believes GAM shareholders should have the right
to consider the NewGAMe Proposals at the EGM before the Main Offer Period for
Liontrust's Proposed Acquisition concludes.

 

Further, the CEO of Liontrust, John Ions, has today published an open letter
to NJJ (being the ultimate controller of NewGAMe via Rock Investments SAS)
which sets out, inter alia, questions regarding their proposals being put to
the 18 August 2023 EGM. The Board of Liontrust believes that all stakeholders
in GAM deserve these answers.

 

By extending the Main Offer Period(1) to 23 August 2023, Liontrust is allowing
GAM shareholders to use the EGM to either support the NewGAMe Proposals or to
reject them and still have the opportunity to tender their GAM shares into
Liontrust's tender offer.

 

For the avoidance of doubt, it is likely that if GAM shareholders support the
NewGAMe Proposals then Liontrust's tender offer will not be successful on the
closing of the Main Offer Period(1).

 

Liontrust has today issued a fourth update to its Swiss offer prospectus in
relation to the Proposed Acquisition formally confirming the matters described
above, a copy of which has been published on the website of Liontrust
(https://www.liontrust.co.uk/gam-acquisition/documents
(https://www.liontrust.co.uk/gam-acquisition/documents) ).

 

 

(1) As set out in the Swiss Offer Prospectus that was published on 13 June
2023.

(2) As set out in the Swiss Offer Prospectus that was published on 13 June
2023, the Main Offer Period(1) may be extended to a maximum of forty (40)
trading days on SIX Swiss Exchange from 28 June 2023.

(3) A further extension of the Main Offer Period beyond forty (40) trading
days on SIX Swiss Exchange remains reserved but would require the prior
consent of the Swiss Takeover Board.

 

For further information please contact:

 

Teneo (Tel: 020 7353 4200, Email: liontrust@teneo.com)

Tom Murray

 

Liontrust Asset Management Plc (Tel: 020 7412 1700, Website:
liontrust.co.uk)

John Ions: Chief Executive

Vinay Abrol: Chief Financial Officer & Chief Operating Officer

Simon Hildrey: Chief Marketing Officer

David Boyle: Head of Corporate Development

 

Singer Capital Markets (Tel: 020 7496 3000)

Corporate Broking: Tom Salvesen

Corporate Finance: Justin McKeegan

 

Panmure Gordon (Tel: 020 7886 2500)

Corporate Broking: David Watkins

Corporate Advisory: Atholl Tweedie

 

ENDS

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